Diesel, Gasoline Prices Continue Surging
April 28, 2014
Credit: U.S. DOE
The national average cost of on-highway diesel has moved higher for the second straight week, while gasoline is at its highest level in more than a year.
The U.S. Energy Department reports diesel increased 0.4 cent from last week, hitting $3.975 per gallon -- up 12.4 cents from the same time a year earlier. Over the past two weeks it has gained 2.3 cents, after declining 6.9 cents over five consecutive weeks.
Regionally, trucking’s main fuel recorded its only weekly drop in the East Coast, dropping 0.5 cent to $.4.065 per gallon. Two of its sub regions, New England and the Central Atlantic, still have the two highest prices of any part of the country, at $4.208 and $4.185, respectively.
All other regions saw prices increase, with the biggest hike on the West Coast, up 2.5 cents from last week to $4.055. The Gulf Coast had the least expensive price at $3.824, up 0.4 cent.
Credit: U.S. DOE
Meantime, regular-grade gasoline increased for the 12th consecutive week, picking up 3 cents from a week ago, for an average of $3.713. The price is 19.3 cents higher than the same time a year ago, and has risen 41.2 cents since its last decline.
Gasoline ranges between a high of $4.073 in the West Coast region, up 4.6 cents from last week, to a low of $3.482 in the Rocky Mountain region, a gain of 3.6 cents during the same time.
The increases came as oil future prices rose 24 cents in New York trading on Monday, settling at $100.84 per barrel, down $1.29 compared to a week ago, amid Western sanctions against Russia over its involvement in Ukraine and Libya gearing up to export more crude.